There appears to be some light at the end of the tunnel regarding the microchip shortage for some vehicle manufacturers, but as the sight of empty car lots is still very apparent, it seems car shoppers are taking the delay in stride. A new survey by TRADER.ca was undertaken to “to get a better feel for their knowledge and experience with shopping for a vehicle during this time.”
The survey results found that “Overall, we found that consumers are aware of the issues with microchip production and sourcing, and dealers who know the issues shoppers face can plot their marketing and sales strategy to help them effectively navigate through it.” The study, conducted in May of this year, found that 96 per cent of vehicle intenders are aware of the shortage, up from 88 per cent a year ago. “Only 39 per cent of car shoppers have been personally affected by it, and those who haven’t so far are worried about what it will mean to them.”
Overall, the study found that, unsurprisingly, “car shoppers in the market for a new vehicle are more likely to wait a long time for vehicle delivery and purchase a new car without first test-driving the vehicle. Similarly, used vehicle intenders are more likely to spend more time shopping online marketplaces.”
Both new and used vehicle intenders are prepared to pay more for a vehicle—22 per cent and 23 per cent respectively—and are willing to go $2,000 to $4,000 over their initial budgets, if that’s what it takes to get into the car they have their eyes on.
To help steer car shoppers through their purchasing journey and experience, 64 per cent feel a price comparison tool would be beneficial—while 37 per cent want regular updates on the chip shortage status, and 31 per cent believe they would benefit from vehicle review. When vehicles are available, 25 per cent want dealers to let them know when their preferred vehicle would be ready for them to take delivery.
In summation, the survey concludes, “shoppers want vehicles, but they’re also very aware of the potential difficulties in getting into one right now. Dealers who match their strategies to these issues and help guide buyers to similar vehicles, even if these alternatives don’t necessarily align to the shopper’s preference set or shortlist, will have an edge in this market.” To read the whole report, visit the TRADER website here.
